If a customer has a mortgage on land and now purchasing a mobile home, is a right of rescission required?
We have a loan where we are taking the land as collateral but NOT the mobile homes on the land. The property is in a flood zone but should we require flood insurance since we have no interest in the mobile homes?
A loan is secured by several vacant lots and a mobile home is to be moved to one of those lots but will NOT be permanently affixed. Is a flood determination required?
On the new Good Faith Estimate and the HUD, since we are now escrowing on mobile homes, do we disclose and escrow the mobile home ad valorem taxes?
Manufactured housing loans where the MH is permanently attached to real estate per FHA guidelines and where the MH titles have been vacated - these loans clearly are subject to RESPA. The lender is secured by a real estate mortgage as the MH is considered as being a part of the real property and is no longer personal property. Here is where some confusion lies: RESPA appears to be clear that MH loans are exempt unless the MH has been permanently affixed to the real estate, so what is the definition of permanently affixed? It used to be that for a MH to be considered as being permanently affixed to real estate, the MH had to be set up per FHA’s foundation requirements, tong, axles, etc., removed and titles vacated by the state. However, there is confusion in cases where a lender finances a manufactured home that has titles, is not affixed to the real estate per FHA permanent foundation requirements, but is simply set up per local requirements and where the lender takes a mortgage on the land where the MH is placed. A MH with land does not mean that the MH is permanently attached to the real estate, so the heart of the question is simple: if a lender takes a lien on a MH and also takes a mortgage (as additional collateral) on real estate where the MH is located, but not permanently affixed, is this covered by RESPA or not?
A borrower is refinancing a business loan using a motel as collateral (also used on old note for collateral) for a business purpose loan - is the loan HMDA reportable? Our understanding is that HMDA applies to consumer and commercial type loans, and property/dwelling is where people live in.
Is a mobile home HMDA reportable? Does it matter if they are permanently attached to a property or not? Are there any differences in mobile homes in general, or are they all considered the same as far as reporting goes?
I have a compliance question regarding right of rescission. If a person's primary residence is a piece of land with a mobile home on that piece of land and the person applies for a loan using the land only as collateral, is a rescission period still required? I would think it would be since the property is that person's primary residence, even though the mobile home is not being used as collateral.
Following the old advice of something old, something new, the OCC has issued guidelines on establishing standards for national banks on mortgage lending.
We are providing the financing on mobile homes and the originator serves the loan. Who is required to record the transaction on the HMDA LAR? are providing the financing on mobile homes and the originator serves the loan. Who is required to record the transaction on the HMDA LAR?